Tuesday, 13 April 2010
IFC, sovereign wealth funds partner in $800 mln fund
IFC, the World Bank's private-sector lender, said it had invested $200 million in the fund and additional commitments were from Dutch pension fund manager PGGM, Korea Investment Corp, State Oil Fund of the Azerbaijan Republic and a fund investor from Saudi Arabia.
The fund will be managed by IFC Asset Management Company, a wholly-owned subsidiary of IFC, which will buy equity stakes in companies in Africa, Latin America and the Caribbean.
World Bank President Robert Zoellick in 2008 called on state-owned wealth funds to invest some of their cash in potentially lucrative markets in developing countries to boost economic growth through investment in companies.
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